It is important that every Trustee of a self managed superannuation fund has an professional examine the trust deed governing rules both at deed setup and regularly through out the life of the fund.
Deed amendments are required during periods of legislation changes and super fund life transition.
Trustee's need to ensure at set up that all documents are properly witnessed, stamped, signed and dated.
Out of date deeds can induce the fund into a non comlying status therfore amending the deed will require carefull attention from a spcialist advisor. Like at setup deed amendments need to properly exceuted.
PROVISION EXAMPLES FOUND IN A DEED ARE AS FOLLOWS
Interpretation and Definitions
Sole Purpose Test
Constitution of the fund
Notice of election
Alterations of the deed
Limitation of Liability
Approval of Members
Trustee not subject to direction
Power of Trustee
Notification of significant adverse effects
Segregated current pension assets
Benefits payable on death
Death Benefit nomination
Anti detriment payments
Converion of pensions
Forfeited benefits account
Transfer of benefits
Disclosure of information
Winding up of fund